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Blaine Shopping Center Sells For $39M

BLAINE, MN-An affiliate of the Multi-Employer Property Trust purchases the 228,810-sf regional Village of Blaine community shopping center. The seller of the five-year-old mall is Kelly Doran, who is stepping down as president of Robert Muir & Co. to run for Congress.

By Jim McCartney | Updated on July 20, 2005

BLAINE, MN-The Village of Blaine, a 228,810-sf regional community shopping center located at Interstate 35W and Lexington Avenue, was sold by developer Kelly Doran to MEPT Blaine LLC, an affiliate of the Multi-Employer Property Trust of Bethesda, MD. The sale price was $38.75 million, which includes assumption of the existing a $24.4 million mortgage held by John Hancock Life Insurance Co.

The shopping center has been owned and controlled by Doran since its development in 2000 through the Village of Blaine Limited Partnership. Doran plans to step down as head of the Minnesota operations of the Robert Muir Co.

The Village of Blaine is anchored by Cub Foods and Michael’s, includes about 40 additional stores and restaurants, and is adjacent to Home Depot and Wal-Mart stores, which operate under separate ownership. Bill Katter of United Properties represented MEPT in the deal, and Bloomington, MN-based United will also take over the day-to-day management and leasing activities from the Robert Muir Co. on behalf of the buyer. Paul Anderson of Messerli & Kramer PA represented Doran.

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